Comparing Purchase Sale Contract to Lease with Option to Buy

Posted By
Mazaheri Law Firm

Are you looking to move into a new property? Have you decided if you are
looking for what could be your permanent address, or for just a temporary
abode? The reasons why you are moving to a new home should make you consider
whether or not you need a purchase sale contract or a lease with option
to purchase.

What is a Purchase Sale Contract?

When you know that you want to start owning your home, you need to find
someone who is willing to sell you one. With the help of a realtor, you
can pinpoint the house you would like to be yours, and then with the help
of a real estate attorney, you can work on drafting a purchase sale contract.
A purchase sale contract is the legal agreement that states that you will
buy a property from another party, ending with the transferal of the title
to you. When you use a purchase sale contract, sometimes called a purchase
and sale agreement, you are in it for the long haul and assume all responsibilities
of home ownership.

What is a Lease with Option to Purchase?

Maybe you are not entirely confident that your new house should be your
new home? If you are on-the-fence, so to speak, about permanently owning
property, try to find a landlord that offers a lease with option to purchase.
This contract begins as a typical rental agreement – you agree that
you will pay them a certain amount each month for a particular amount
of months – but, when the lease comes to an end, you are given the
option to start putting down payments for
owning the property, instead of just renting it.

When you use an option to purchase at the end of your lease, you will usually
continue to pay the landlord your typical amount plus some extra. This
may feel like you are paying rent but you are technically paying for your
own home, little by little, month by month; the amount you paid in the
original lease should also be counted towards your home ownership payments.
Lease with option to purchase is a great solution for people who do not
have the funds or the credit to make an initial down payment on a home.

An Attorney’s Help Can Make All the Difference

Whether you need a purchase sale contract or a lease with option to purchase,
you should work with the Oklahoma City real estate attorneys from Mazaheri
Law Firm. Our team can review your contract, check it for errors and legal
loopholes, and protect your best interests and finances from costly mistakes.
Go ahead and
contact us today for more information about our services.